“Republicans and conservatives should stop and analyze this election and think it through, because we were wrong."

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Former House Speaker Newt Gingrich talks elections, his new book and super PACs with late night host Stephen Colbert.

Former House Speaker Newt Gingrich dropped by “The Colbert Report” Wednesday, where he discussed his new book, the election outcome, and how super PACs have turned the presidential election into a glorified “billionaire fight.”

Host Stephen Colbert noted that Gingrich’s latest book, “Victory at Yorktown,” recently hit bookstore shelves, prompting him to ask whether the former congressman wrote the book while running for the GOP's presidential nomination.

“Were you phoning in the campaign or phoning in the book?” Colbert asked. “Because you can’t do two things that well.”

Gingrich couldn't resist taking a jab at his failed bid for the presidency.

“Sure ... I didn’t,” he quipped.

After bowing out of the race, Gingrich threw his support behind Mitt Romney and went so far as to predict a Romney landslide. And like Colbert, he was left shell-shocked by the election results.

“Republicans and conservatives should stop and analyze this election and think it through, because we were wrong,” Gingrich said.

Still speaking about the elections, Gingrich discussed the role of super PACs and mused that they could either make or break the race. The bestselling author pointed out that he had one billionaire contributing to his super PAC, while Romney had 26.

“It turned out 26 billionaires beat one,” Gingrich joked. “This was a great revelation for us.”

Gingrich’s comment prompted Colbert to suggest the premise of a new reality television show: Billionaire Fight.

“We just had it,” Gingrich replied. “It was called the election.”

To see more of Colbert’s interview with Gingrich, check out the clip below, courtesy of Comedy Central: